This morning the stock shot out of the gate and hit a high of $1.20, up from $0.74 on the open. The stock closed at $0.86 on just over 4 million shares traded. A gain of 38.7% on the day, this happened on a slow cannabis trading day.
|Symbol||Name||Last Price||Change||% Change|
With a low market cap of $41M and only 47,704,317 shares out, Body & Mind is still very undervalued, even with the recent jump . The company did $1,618,967 in revenue in the US last year, netting $948,087. With so many gains happening in Canada, it’s only logical than if and when the hype dies down, the US is the next frontier for those profits to be put into.
The US Is More Interesting Than Canada Right Now
The US has 10x the population of Canada, and US cannabis stocks have less than 10% of the overall market cap of Canadian cannabis companies.
BAMM’s recent move into Ohio is probably what’s causing this move. Ohio is still in its early stages. California, Colorado, Nevada, Oregon and Washington have been hugely successful with regards to revenue.
The Denver Post reported $1.5 billion USD in revenue for the state of Colorado in 2017, to put that into context, Ohio has more than twice the population of Colorado. More so, with 11.6 million people, Ohio has just over half the population of Colorado, Nevada, Oregon and Washington State combined.